tv New CFPB Director Mulvaney Holds Press Conference CSPAN November 28, 2017 1:10am-1:33am EST
>> tuesday, secretary of state rex tillerson talks about u.s.-europe relations. live coverage on c-span 3 at 1:00 a.m. eastern. rick mull rain isy addressed the pruss and during his first day on the job. he is remaining as white house budget director. he was asked about the director who is suing to block his appointment. this is 20 mens. >> thank you all very much for doing this, welcome to see spv. my role as acting director was
extraordinarily smooth. we met with the senior leadership team, the toxics are seven folks here met again in the afternoon with a broader group health's or four dozen folks, how this intimate you told them an annual take a couple questions, this is an ordinary course of business in washington dc. what you are witnessing is what happens everything couple of years, it is a transition, it happens that they had never been through a transition before. it was inevitable at some point. it was even now or in july and mr. trump would get a chance to put someone in this position, i had a chance to walk through with a lot of people who are not een through transition what they should expect. they should expect that this agency will stay open. rumors that i'm going to blow it up or lock the doors. i'm a member of the executive branch of government and that gorn the cfpb. the way we go about it and way
we enforce will be different under the current administration than it was under the last. anybody who thinks that a trump administration will be the same as an obama administration is naive. elections have consequences at every agency. and that includes the cfpb. i don't have specifics yet how it will turn into the new attitude in light of the fact that the trump administration is now in charge but i will tell you what is happening immediately. effective today, we put something similar in place here to what we did across the entire executive branch. we did a 90-day hiring freeze. more importantly, we put a 30-day immediate freeze anything in the pipeline stops for at least 30 days while i get a chance to see
what is going on and kick the tires here at the bureau. additionally, there will be no payments out of the civil penalties fund for at least 30 days until i see what is happening for that in excess of $50 million in that fund and what that fund is all about before we start making distributions. there is going to be exceptions to this. i talked with legal some today and enforcement and things that are going on. i will be briefed tomorrow on 00 or so lawsuits that the bureau is involved with. clearly if there are statutory deadlines, they will be met. some of the rulemaking that is in the pipeline and have more idea tomorrow as to what some of the next steps may be. i want to be here because it ill be linchinged to me. good quality work that this
administration could be. i will be here across the treet. it adds up to more than three days a week. i have been a small business owner before and i have worked 16 hours a day. if you started your own business and more than once, you know that working a little extra isn't that big a deal in the final scheme of things. will take some questions.
[indiscernible question] >> wants me to fix it and get it back to the point where it can protect people without trampling on capitalism, without choking off the access to financial services that are so critical to so many folks. and folks in the lower and middle classes and people who are trying to get credit for the very first time. we need to follow the law and protect citizens but do so that doesn't choke off the access to capital. what does that mean, the access to money for people to succeed in their private lives. that's the charge he has given me. we both share the belief had gone too far over towards stranging access to capital and
flow as a result and folks are urt. >> that is up to the senate more than anybody else. i snow the president is interested in naming a president. you'll see swift movement on that. that being said, swift movement on the president's part has rarely translated to swift movement on the senate's part. the court can do whatever the court is going to do. that is fine. i read the legal opinion of the department of justice and more interestingly, as interestingly, the legal opinion of the jn council here. this is the president's right. so my guess is the court will hear the same arguments from capable folks.
if the court decides to issue a temporary restraining order and order not to come into the building, we will follow the law. that's what we do in the executive branch. i'm not concerned. i'm going forward tonight and tomorrow i will be here. i'll be here until the court or the president tells me otherwise. >> [indiscernible question] >> i don't know how to answer that question. i talk about my previous statements at the bureau. my opinion of the structure of the cfpb has not changed. i still think it's an awful example of a bureaucracy that has gone wrong where it is unaccountable to the people who are supposed to oversee it or pay for it. i still have the same fundamental principles about the way this bureau is structured. i think it is wrong to have a completely unaccountable federal bureaucracy. i'm learning about the powers i
have as acting director, they would frighten you most of you and how little oversight congress has over me as the director and the committees have how cfpb functions. f you really studied the constitutional nature of our government and the way the bureaucracy is supposed to work it would frighten you as independent this agency is and to the extent we are having a successon challenged as lodged by ms. english that grows out of an agency that does president think they are accountable. none of that has changed. that being said, i can't change a lot of it. it is statutory. it is up to congress to fix it. i'm running the agency as the law sets forth. [indiscernible question]
>> you look at the line it was a joke in a sick, sad kind of way. the sentiment is the same. the reasons that i said that, the reasons that i still pleeven that this that agency is lawed. look at it this way, when i was n congress, if you -- if the cfpb did to you back home that you did not like, there was literally nowhere for you to turn for redress, you could not call a senator. you couldn't call the president. and it is a completely unaccountable agency and i think that's wrong. i think citizens should have some ability to hold the bureaucracy accountable. and we need structural and lengthstive change the way this
place is run. that is outside the bounds. [indiscernible question] >> i think it is most awkward for the people. i read a couple of headlines and two folks who two people showed p. i think it is more uncomfortable for the people who work here. she is a private citizen. and i understand she brought the lawsuit. i assume she is paying for her own lawyers. and did not approve that lawsuit and purporting to be acting in her role, that's not accurate. and we'll move on here and let
the courts do as they will. i did not see her. and i have been here since 7:0. i'm going to go this way. [indiscernible question] >> very candid. and i told them, i'm not shutting the place down. the law doesn't allow me to do that. that being said, we are going to run it differently. i think they appreciate that. these are professional people, they have been in government. a lot of folks come here from other agencies. they are very professional and know the gig. so i hope they appreciate the candor. i appreciate the candor they showed to me and i have no complints and i hope they don't either. [indiscernible question] >> other agencies can do this job.
that being said if i had the chance to change it and put it on appropriation and subject to oversight to congress. i have none of that flexibility. >> [indiscernible question] >> i'm not in a position. i will be here all this eek. and it's pretty much and not much i can do about it. nce it's gone from here, the next step in the review process would be a c.r.a. much as i think the president just signed today on the arbitration rules. hat's the ordinary course of
business and we are going to follow the ordinary course of business. regarding ms. english, i haven't met her, but i'm not sure how it works here. yes, ma'am. > [indiscernible question] >> i did think it was interesting that one to have -- i have not seen the lawsuit yet. i don't know if i have been named as a defendant. i heard a rumor that i have. i have not seen the lawsuit nor have i been served with it. i'm speculating about what is in the lawsuit. i have read accounts that one of the assertions is that this gency needs to be independent. media reports that misenglish on he hill meeting with mr. schumer and ms. warren.
does she want to be independent from everybody or donald trump. my guess is the latter. i have no comments about ms. warren's comments about me. > [indiscernible question] >> my understanding is it has to be, number one in order for the president to fill this spot, it has to be senate-confirmed any way and every person who would have. and this is how it has been done here. the first acting director was the first treasury secretary. i will be as closely tied to donald trump as president as secretary geithner and mr. cordray. i don't think that is anything different.
and the lawsuits may be ill-founded and it's the ame. > [indiscernible question] >> is there a question there? >> [indiscernible question] >> i will be as independent as onald trump as richard cordray and geithner were from president obama. yes, ma'am. > [indiscernible question] >> to the pay-day rule, i think i'm getting briefed on the rules and regulars and that has gone over to the federal registry for printing but i'll have more details on that. as to ms. english, she wants to show up tomorrow, she is still
employed and her ideals are still valid and haven't taken any steps to terminate her, if that's your question. [indiscernible question] >> i don't know the rules. but in the public sector, things are different. a no-call, justifies termination. we expect people to work. the people who are here are expected to work. maybe she took a vacation day. i don't know. but we'll find out. a buddy of mine wrote me this orning said you could get sued for showing up for work which is what i got sued. we are going to go by the book. yes, sir, in the back.
[indiscernible question] >> believe me, being budget director is a full-time job. this is going to be a heavy work load for weeks and months. i'm absolutely comfortable with the team i put together at o.m.b. to cover this work load for whatever period of time this turns out to be and i hope to put a team here at cfpb. i was encouraged by the quality of people the professionalism of olks that i met here today and
my depess, that it will be a lot of extra work, do both jobs for a period of time. [indiscernible question scrrks >> i'm not going to relitigate the causes of the financial crisis and what did and didn't happen. what agencies didn't do their job. looking forward, i think you have to raise a question as to what happened today. i raised this question at cfpb. i was disturbed by what happened with wells fargo, what i felt that wells fargo was doing to their customers and i don't know that you saw the c.e.o. came before the house financial
services committee and i want to know cfpb gets credit for fining it but what was happening here. we have elizabeth warren's dream of what is supposed to be and not to be worried about politicians and get free money from the federal reserve and been given every single tool necessary. ut every single tool necessary o either prevent that from happening atwells fargo and they denied those. can you regularly regulate out bad behavior? i don't think you can. are we going to fulfill a important role?
absolutely. we are going to continue in that function. at the same time, to think that the cfpb is going to prevent the next financial crisis is a little naive if they couldn't prevent wells fargo. [indiscernible question] >> that's a fair question. i asked that issue today and i hope to get briefed tomorrow on the back ground on wells fargo and find out what went wrong and figure out how we can fix that. i think that's what any good direct or would do in these circumstances. anybody who hasn't asked a question yet? [indiscernible question]
>> not that i know of. i didn't know the d.o.j. was working on theirs. until it came out. next question. no, not at all. all right. thanks y'all very much. we'll keep you in the loop if anything develops tomorrow. ppreciate your time. >> with a busy week ahead for congress, live coverage includes considering king jerome powell to be the next fed chair. also tomorrow, the senate budget committee reviews its tax reform bill. see that live at 2:30 p.m. eastern on c-span 3. wednesday the senate health committee considers the nomination of alex azar to replace tom price. live coverage at 9:30 a.m.
eastern on c-span 3. also on wednesday, the house takes up a bill requiring members of staff to take anti-harassment and anti-discrimination training. loon line at c-span.org or with the free c-span radio app. house minority whip steny hoyer held ad a -- discussion on opioid epidemic. this is an hour and 35 minutes.